Financial market update

25 October 2011, Sweetcrude, Lagos – International NewsEUR – The euro fell snapping five days of gains against the USD and JPY as European banks pushed back on the size of they are ready to accept on Greek Bonds, decreasing the likelihood of a deal at tomorrows summit.

. CNY – The yuan advanced the most in almost two weeks as the central bank set a record reference rate, spurring speculation on policy markets are favoring currency gains to tame inflation as economic growth moderates. The PBOC set its daily reference rate 0.20% stronger at 6.3425 per USD, the highest levels since a peg ended in July 2005
. GBP – The pound weakened against most of its major peers on concern UK economic growth is slowing. Prime Minister Cameron warned turmoil in the euro area is having a “chilling effect” on the UK economy.

Nigeria News
. The CBN has said the total federally-collected revenue increased significantly by 41.3% to N2.433 trillion in the second quarter of the year, compared with the N1.435 trillion recorded in the corresponding quarter of 2010.

. According to the apex bank, at N1.892 trillion, gross oil receipts, which constituted 77.8% of the government’s total revenue, exceeded the proportionate budget estimate and the level in the comparable quarter of 2010 by 51.9 and 46.8% respectively.

. AMCON buys Debts seen as Systemic Risk: NGN 275 billion of loans taken by Geometric Power, Zenon Petroleum and Gas, and Seawolf Oil Services, while performing were taken over by AMCON

. Bonds – Trading activity continues to be very patchy and volatile as the market tries to find new levels.

. Bills – Secondary market trading continues to be very thin with only a few bilateral trades going through.